Small Business Finance News

SBA Administrator Announces Small Business Jobs Act Progress

Mills says 5,000 business have received loans in first month of program

While many have struggled to get loans, the federal government's recent program has already made a significant impact despite its relative short existence.

The Small Business Jobs Act, signed by President Barack Obama last month, has allowed the U.S. Small Business Administration to support nearly $3 billion in new funding to more than 5,000 small businesses throughout the United States. The SBA's administrator, Karen G. Mills, said that the money was important to help small businesses survive in an unstable economic climate.

"This is a critical investment in America’s biggest job creators and in the strongest engine of economic recovery: entrepreneurs and small business owners," Mills said in a statement. "By unlocking loans for these small businesses, we are providing them with the tools they need to grow their business and create new jobs in their local communities."

Mills made headlines last month, when she reminded small business owners to be prepared for unexpected disasters. The SBA chief made the news for entrepreneurs by reminding them to develop emergency response plans.

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